Among other developments, investors kept a close eye out for some much-anticipated results from the world’s largest electric vehicle (EV) producer. Tesla (NASDAQ: TSLA) reported its Q1 car shipment numbers on Saturday, once again setting a new record, although some were disappointed by the results regardless.
Tesla reported that it delivered around 310,000 cars during the first quarter of 2022. That’s more than 67.8% higher than Q1 2021’s 184,800 vehicles shipped. Compared to the previous quarter, however, that’s only a 0.5% increase, which doesn’t seem as impressive when you look at it from that perspective.
While the numbers were still record-breaking in and of themselves, in comparison to Wall Street’s always bullish expectations, they fell a bit short. Analysts were expecting somewhere around 317,000 vehicle sales during Q1. In response, Tesla’s management was quick to point out that they achieved all of this despite ongoing supply-chain problems as well as factory shutdowns.
“This was an *exceptionally* difficult quarter due to supply chain interruptions and China zero-COVID policy,” said Musk in a tweet on Saturday. “Outsanding work by Tesla team & key suppliers saved the day.”
Out of those 310,000 shipments, Tesla said that around 295,300 of those were Model 3 and Y vehicles, while 14,700 of them were Model S and X cars. Tesla was one of the few car companies on the market which saw their delivery numbers go up this quarter.
Besides cars that Tesla has shipped, the actual production numbers were slightly down from the previous quarter. Tesla reported that around 305,407 cars were built during this time, about 400 fewer vehicles than in Q4 2021. In the future, the company plans to significantly ramp up its EV production, having already opened a new plant in Germany as well as having started up a new production plant in Texas last year.
On the other hand, in a corporate memo, Musk told employees in China that they should stay home amidst government restrictions regarding Covid-19 infections remain in place. This means that Tesla’s Shanghai plant will remain closed until further notice. That’s bad news Tesla, as China’s considered the main growth market for the EV industry.
Tesla also announced that it would be releasing its full Q1 quarterly results on April 20th. Shares are up around half a percent right now in pre-market trading following the news. Most analysts still are bullish on Tesla’s future prospects. Around 23 analysts have a buy rating of some kind, while nine are neutral and another nine are bearish. The main skepticism some investors have about Tesla is whether its gargantuan market cap will continue to see exceptional growth in the future.
Tesla Company Profile
Founded in 2003 and based in Palo Alto, California, Tesla is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles. It sells solar panels and solar roofs for energy generation plus batteries for stationary storage for residential and commercial properties including utilities. The Tesla Roadster debuted in 2008, Model S in 2012, Model X in 2015, Model 3 in 2017, and Model Y in 2020. Global deliveries in 2019 were 367,656 units. Tesla went public in 2010 and employs about 50,000 people. – Warrior Trading News